25 December 2012

Uganda: Eco Bank Savings Campaign Successful

Kampala — A four months campaign branded Olikyabeeyi kyaffe ku Eco bank literally meaning 'you are so special and precious' was concluded with the winner walking away with a grand prize of a Pajero Mitsubishi.

A promotion invented by one of the newest commercial banks in the country, Eco bank was aimed at encouraging Ugandans adopt a culture of savings as most people especially in the informal sector tend to spend all that they earn.

" This campaign has been a success since we have seen more people opening up accounts with a zeal of being awarded since the criteria was whoever saves wins ", commented Michael Monari, the managing director of Eco bank Uganda during the grand finale of the campaign held in Kampala last week.

Among the other items won were computers, land titles, television sets and cars.

"I kept saving and saving. Little did I know that my company would walk away with a car", explained Sumayyah Musoke an administrator at Global Fluid International, the winning company.

She said that the way Eco bank has carried out its corporate social responsibility is mutually beneficial to both the public and the bank itself because with savings, one can be able to develop good ideas that can translate into viable businesses.

Monari says that Ugandans have lagged behind as far as saving is concerned because they mostly save in property such as land and houses a thing that has limited many from making solid investments that can aid the economy take off.

According to him, this year has been tricky for the banking sector in Uganda since most customers have shied away from banks because of the fluctuating interest rates that have seen most businesses incur losses.

He therefore urged the public to increasingly invest in different sectors especially the agriculture sector that employs the majority of the population.

The country has a total of 25 registered banks with an estimated banking population of three million.

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